Stock futures were largely unchanged in the early trading hours of Wednesday as investors awaited insights from Federal Reserve Chair Jerome Powell’s speech for indications on the future of interest rates.
Here are some of Wednesday’s biggest stock movers:
Biggest stock gainers
After posting strong Q3 results, Upwork’s (NASDAQ:UPWK) stock surged by approximately 20%. The company raised its FY2023 revenue guidance to $680M–$685M from the previous range of $665M–$675M, surpassing the consensus estimate of $671.47M. Additionally, Upwork adjusted its non-GAAP diluted EPS forecast to $0.47-$0.49, up from the earlier projection of $0.36-$0.39, exceeding the consensus of $0.38.
Rivian Automotive (NASDAQ:RIVN) shares rose more than 6% after exceeding expectations in Q3 results. The electric vehicle maker expects to produce 54K vehicles in the full year, higher than the previous guidance of 52K deliveries. Notably, the company produced 16,304 vehicles at its Normal, Illinois, facility and delivered 15,564 vehicles during Q3, demonstrating its strongest quarterly rate to date, with an annualized production rate of over 65K units. Rivian is considering selling commercial vans to third parties after ending its exclusivity contract with Amazon. The company expects FY2023 adjusted EBITDA to be -$4.0B vs. -$4.2B consensus.
MannKind’s (NASDAQ:MNKD) shares rose by more than 6% following the company’s strong performance in Q3, where it exceeded expectations with a 56% Y/Y growth in revenues. Tyvaso DPI royalties also experienced a notable increase of around 25% Y/Y.
Biggest stock losers
Robinhood Markets’ (NASDAQ:HOOD) stock fell 8% after reporting mixed Q3 results. Additionally, the online trading platform raised its FY2023 total operating expenses to $2.40B-$2.44B, a shift from the prior outlook of $2.33B-$2.41B, primarily driven by higher marketing and sales expenses as Robinhood ramps up its efforts to attract new users. The company also saw a 16% Y/Y drop in monthly active users.
Following an announcement of Q3 earnings and Q4 revenue estimates that fell short of market expectations, Upstart Holdings (NASDAQ:UPST) saw its shares drop by nearly 22%. The AI-powered lending platform expects Q4 revenue to be about $135M, which is much lower than the average market expectation of $157.6M. The forecast includes $150M in fees and a $15M net interest loss. Furthermore, Upstart anticipates a 62% contribution margin in Q4, up from 64% in Q3.
Despite announcing positive Q3 results, Toast (NYSE:TOST) shares fell almost 18% following a change to its previously disclosed revenue outlook for FY2023. Revenue is now expected to be in the $3.83B to $3.86B range, down from its initial estimate of $3.81B to $3.87B and the consensus of $3.86B. Toast expects Q4 revenue in the range of $1B and $1.03B, with the midpoint of the range falling short of the average forecast of $1.03B.